Life insurance is a unique asset used to accomplish any of the following: The creation of an estate where circumstances have kept the estate owner from accumulating sufficient assets to care for his loved ones in the event of a premature death. To protect a business value due to the loss of key employees. For…

Did you ever consider that you might want to do “special needs” planning even if you don’t have any special needs children or grandchildren? Can you imagine how one of your children could come to have special needs after you’re gone? One of our colleagues relates this story. Sid and Elaine had three children, and…

For years there has been talk about doing away with the Federal estate tax. So far, this year’s most popular question from clients is, now that the estate tax is gone, do we still need to do estate planning? The short answer is that if estate planning was only about the tax, then estate planning…

For years there has been talk about doing away with the Federal estate tax. The tax bill, passed in the closing days of 2017, partially achieved that goal for most American taxpayers. The new law increases the amount that a single person can pass during life or at death to $10M. This amount is to…

Last month we looked at guardianship, the first of two issues that affect planning for minor children. This month we will look at some ideas for leaving money to minor children. We start with the idea that minors cannot really own investments outright. As such, dealing with gifts of sizeable amounts of money, investments, and…

As a parent, planning and caring for the well-being of our children takes priority over most things in life. Without question, we want to be sure should anything happen to us, our minor children will be well looked after and that money or property we leave for them will be used wisely for their care….

We often are asked for advice regarding choice of trustees. Of course every situation is different, but here are some points to consider. You can select an individual as a Trustee, such as a close friend or family member; or a professional can be selected, such as an attorney or CPA; or you may choose…

It is quite often the personal property that causes the most heartache and disruption in families after a death. Money doesn’t usually have any sentimental attachment, but personal property can have a perceived value far beyond its actual monetary worth. For example, there may be souvenirs from family vacations, various collectibles, or other items of…

Many clients, regardless of net worth and income, are starting to deal with this question. How much is enough to leave for my children? Bill Gates has said that he will not leave a lot of money to his heirs because he does not think it would be good for them. His friend Warren Buffet…